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remortgage to pay off debts
bagboy_2
Posts: 93 Forumite
Hi can anyone advise me what is the best thing to do, I'm currently 4 years into a 10 year fixed mortgage at 5.69% and I have about £95k on that. I also have other debts of about £25k, which is really stretching my finances to the limit.
I'm toying with remortgaging for about £125k which would pay off all my debts and looking at first direct mortagages would only cost me about £50 more on my current payments by increasing the term from 16 to 20 years on a 2 year fixed.
now would I be able to get the amount of the mortgage I need ?
our joint income is about £29k and the house is worth £190-200k,
if I could remove the £25k debt we would be ok and remortgaging looks like the only way out.
thanks
BB
I'm toying with remortgaging for about £125k which would pay off all my debts and looking at first direct mortagages would only cost me about £50 more on my current payments by increasing the term from 16 to 20 years on a 2 year fixed.
now would I be able to get the amount of the mortgage I need ?
our joint income is about £29k and the house is worth £190-200k,
if I could remove the £25k debt we would be ok and remortgaging looks like the only way out.
thanks
BB
0
Comments
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If you leave your existing lender, you will be looking at a large penalty, may be best to get a further advance from your existing lender, check what rates/fees are involved before considering a remo.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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You don't pay the debt of with a remortgage you just move it.
Do you understand where your £25k of debt has come from?
How long has it taken?
Was it here 4 years ago when you took out this mortgage.0
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